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Schnitzer Steel Acquires Golden Steel & Recycling

PORTLAND, Ore., Apr 19, 2010 (BUSINESS WIRE) --Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) announced that it has acquired substantially all of the assets of Golden Recycling & Salvage, Inc. (dba Golden Steel & Recycling) of Billings, MT. Schnitzer's subsidiary, SSI Big Sky LLC, purchased the assets and is now operating the facility as Schnitzer Steel Billings.

"Schnitzer's long term vision remains focused on our growth strategy. The purchase of Golden Steel & Recycling gives us a presence in the Montana market and positions us for further growth in the region," said Don Hamaker, President of Schnitzer Steel's Metals Recycling Business. "Golden Steel & Recycling's demolition services business nicely complements our core competency of metals recycling and allows us to expand our service and product offerings. We are delighted to have Jim Gallup and his team join us, and we look forward to being active participants in the Billings community. We will continue to look for other recycling opportunities in the region and to grow our business in order to better serve our customers and the communities in which we operate."

"The acquisition by Schnitzer Steel presents an opportunity for substantial business growth in all of our product and service lines," said Jim Gallup, the majority owner of Golden Steel & Recycling.

Golden Steel & Recycling has been collecting, processing and recycling scrap metal from the greater Billings community for nearly 19 years at its current location (1100 6th Avenue N, Billings, MT 59101). Terms of the transaction were not disclosed.

Schnitzer Steel Industries, Inc. is one of the largest manufacturers and exporters of recycled ferrous metal products in the United States with 45 operating facilities located in 14 states throughout the country, including seven export facilities located on both the East and West Coasts and in Hawaii and Puerto Rico. The Company's vertically integrated operating platform also includes its auto parts and steel manufacturing businesses. The Company's auto parts business sells used auto parts through its 45 self-service facilities located in 14 states and in western Canada. With an annual production capacity of nearly 800,000 tons, the Company's steel manufacturing business produces finished steel products, including rebar, wire rod and other specialty products. The Company commenced its 104th year of operations in fiscal 2010.

SOURCE: Schnitzer Steel Industries, Inc.

Schnitzer Steel Industries, Inc.
Investor Relations:
Rob Stone, 503-224-9900
or
Media:
Tom Zelenka, 503-323-2821
http://www.schnitzersteel.com

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